[Killer_Demo]

do u guys report earnings? is IRS really posted to the transactions of gambling?

[RickySteve]

I like turtles.

[tltaylor89]

ha. so they can bailout a bank

[TeamPlayer]

1.) You can be randomly audited at any time which means you have to prove to the IRS that you never hid any income. It's NOT innocent until proven guilty. It's you must prove your innocence. When it comes to taxes, the government doesn't fool around. How else do you think they can pay to make war, build bombs and expand the empire.

Any money you deposit into your bank account is obviously recorded on computers and thus available for the IRS to see and question you about the source.

If you are making many sportsbook withdrawals and thus many deposits into your bank account during any given year, you should absolutely mention it on your tax form. As long as you're not a bookie, they're not interested in putting you in jail for gambling but they will put you in jail quickly for tax evasion. (regarding gambling itself, the government has only gone after bookies at least up to this point.)

[Killer_Demo]

Originally Posted by TeamPlayer

1.) You can be randomly audited at any time which means you have to prove to the IRS that you never hid any income. It's NOT innocent until proven guilty. It's you must prove your innocence. When it comes to taxes, the government doesn't fool around. How else do you think they can pay to make war, build bombs and expand the empire.

Any money you deposit into your bank account is obviously recorded on computers and thus available for the IRS to see and question you about the source.

If you are making many sportsbook withdrawals and thus many deposits into your bank account during any given year, you should absolutely mention it on your tax form. As long as you're not a bookie, they're not interested in putting you in jail for gambling but they will put you in jail quickly for tax evasion. (regarding gambling itself, the government has only gone after bookies at least up to this point.)

thanks for the info, but 2 things.... I dont have a bank account and I use ** for deposit/withdrawals...am i safe?

[TeamPlayer]

Obviously because of the war on druges and now on terror, it's a safe bet that ** and ** and any financial institution must report any suspicious activity to the government.

What is "suspicious" activity? Pretty much anything these days. I imagine there is some Dollar number of sending money or receiving money (such as say, 5,000 dollars) at which point ** is required by law to send a suspicious activity report to the government. Of course, every transaction is stored on their computers.

"Land of the Free" -

[TeamPlayer]

The bottom line is that the Gov is not interested in putting you in jail unless you are a book maker/bookie or you are evading taxes. So don't be a bookie and pay your taxes (which means mentioning your gambling activity on your tax form even if you didn't make money because they'll still see your deposits/receiving money via **, **, any financial enterprise) and then you have nothing to worry about. If they audit you, you'll be able to explain all money received and be on your way.

[Miyagiturbo]

Not my thread but good information TeamPlayer.

[Killer_Demo]

Originally Posted by TeamPlayer

The bottom line is that the Gov is not interested in putting you in jail unless you are a book maker/bookie or you are evading taxes. So don't be a bookie and pay your taxes (which means mentioning your gambling activity on your tax form even if you didn't make money because they'll still see your deposits/receiving money via **, **, any financial enterprise) and then you have nothing to worry about. If they audit you, you'll be able to explain all money received and be on your way.

well im not a bookie, but still even rec players should worry if its 10k plus? i aint trying to catch a case

[TeamPlayer]

Here is some very basic information:

http://www.wisegeek.com/what-is-an-income-tax-audit.htm

http://www.wisegeek.com/is-cash-income-taxable.htm

[TeamPlayer]

I know it sucks but the only way to cover your ass is to report your gambling activity and all financial activity to the IRS. Yeah, it's possible to get away with receiving money and not reporting it, especially if you're only receving yearly money in the $10,000 range for example and not making much in your regular job (being an average joe), but then you should prey every night that you don't get audited because if it happens, you're ****ed. It's your choice in the end. I guess you could say that you didn't know the government requires you to report gambling income but really not sure if that would fly as an excuse.

[tltaylor89]

My personal opinion this issue is that the US government cant tell you how to spend you're but if you are doing something that puts the country at risk then they can step in and freeze assetts.They cant tell you not to gamble because just like they cant tell the people in Indocena County California to not sell weed because if you shut it down its like cutting off your arms in potential revenue that you could get.My view is if you pay youre taxes the IRS lets you slide with the shit.If you dont they ride you to the end.

[durito]

what if you make $9,348?

[tltaylor89]

Thats why I like 5dimes and their money orders just walk into the post office and cash the suckers.No bank involved

[TeamPlayer]

Originally Posted by durito

what if you make $9,348?

Durito,
It's your decision to risk jail time and IRS fines by not completely reporting your financial transactions. But your flippant response doesn't serve any purpose for this message board except to make
you look naive and irresponsible.

[Thremp]

Originally Posted by TeamPlayer

Durito,
It's your decision to risk jail time and IRS fines by not completely reporting your financial transactions. But your flippant response doesn't serve any purpose for this message board except to make
you look naive and irresponsible.

He was trying to point out that there isn't a magical 10k threshold. Not your inference that he is tacitly condoning small scale tax fraud.